After Rolling Out Option To Purchase ‘Digital Gold’, Google Pay To Start Offering Mutual Funds  

In a bid to gain its next billion users, Google is looking to add more financial services to its e-payments app, Google Pay, in India, including wealth management products such as mutual funds, reports Mint.

Just yesterday (27 March), the app added an option allowing users to purchase ‘digital gold’.

“The company is adding more use cases to the platform and is tinkering with the idea of adding mutual funds, insurance, etc”, a source said.

Already, leading e-payments companies in India such as Paytm offer financial services like the ability to purchase ‘digital gold’, mutual funds, etc.

In another major move, Google Pay on Wednesday (27 March) initiated a partnership with point-of-sale companies Pine Labs and Innoviti Payment Solutions Pvt Ltd as part of its plan to boost its offline presence; the company wants to create a network of 200,000 Google Pay linked stores in 3,500 Indian towns and cities over the next couple of months.

Already, the app claims that it has 45 million monthly active users on its platform, which is a rise of more than 300 per cent since March 2018. Also, considering the value of transactions over recent weeks, its annualised run rate now stands at $81 billion.